Russian ban may impact produce prices

Total Produce has warned that Russia’s 12-month ban on EU-sourced fruit and vegetables may impact prices, due to a resulting excess of supply, but stressed that sanctions should not materially affect its full-year results.

The Dublin-based fruit distributor — the former general produce arm of Fyffes — yesterday reported a near 6% annualised rise in first half pre-tax profits to €24.2m, with revenues down by nearly 2% at €1.59bn, with price declines eating into volume growth.

Nevertheless, management described the first half performance as “robust”, particularly when measured against a strong comparative period last year, and kept its full-year guidance unchanged.